Recent articles by Dallas Morning News real estate editor
Steve Brown shows the skyrocketing price of real estate in the Metroplex.
“Keeping a roof over your head in North Texas has
never cost so much before.
Home purchase prices in North Texas
were already at record highs last year. For the first two months of 2017,
median house sales prices in D-FW have increased another 14 percent compared to
the same period last year.
D-FW median home prices in February were $203,400 –
higher than the $195,700 nationwide median price, according to the most recent
data from Zillow.
The rising cost of housing in D-FW and other Texas
markets isn’t just a burden for residents. The rapid rise in home and apartment
costs is also causing concern for economists who track moves to the state and
business expansion.
The increases in home costs are cutting into the Lone
Star State’s traditional cost of living advantages with relocating businesses,
a recent report by the Federal Reserve Bank of
Dallas’ warns.
The increases in home costs are cutting into the Lone
Star State’s traditional cost of living advantages with relocating businesses,
a recent report by the Federal Reserve Bank of
Dallas’ warns.
“Since the housing recovery began in 2011, Texas has
seen unprecedented home price appreciation with home price gains here outpacing
those nationally,” Dallas Fed economist Laila Assanie said
in the report. “This run-up in home prices is unusual for Texas, where
construction tends to respond quickly to an increase in demand because of the
state’s vast supply of flat land and relatively few building regulations versus
other large states.”
The Fed research points out that while Texas’ housing
costs have jumped 34 percent in the five years ending with 2015, incomes in the
same period rose only 14 percent.
“Declining housing affordability in the state has
eroded the cost-of-living advantage, calling into question whether Texas can
maintain its long-term economic and population growth that has often led the
nation,” Assanie said.
